Grocery delivery startup Milkbasket bags funding led by Inflection Point Ventures
Aaidea Solutions Pvt. Ltd, which operates contactless delivery service and grocery startup Milkbasket, has raised $5.5 million (approximately Rs 41.82 crore at current exchange rates) in a fresh funding round.
The round was led by Inflection Point (IP) Ventures. Others that participated in the round include existing backers such as Blume Ventures, Kalaari Capital, Mayfield India, Unilever Ventures and the Singapore-based BeeNext.
The Gurugram-based company will use the funds to grow its operations across the country, Milkbasket said in a statement. “This is probably our last fund raise on our path to profitability – that we target to achieve in 2020,” Milkbasket founder Anant Goel said.
IP Ventures, which claims to be the only angel platform in the country to lead a Series B round in a company, has invested in several other startups this year, including DROR Labs, Edvizo Media, Pedagogy, Vogueme Technologies and Escrowffrr.
The development comes even as reports in the previous two months suggested that Milkbasket was in acquisition talks with bigger players in the space. In March, BigBasket was said to be in talks to acquire the firm. However, the negotiations reportedly stalled over valuation concerns.